In August 2009, the Board of the Joint Money Laundering Steering Group (JMLSG) indicated that it was contemplating an additional Part III to the JMLSG Guidance. The new Part III would include certain existing material that for various reasons did not sit comfortably within Parts I or II of the JMLSG Guidance, and some additional, new material.
The JMLSG has now issued a consultation paper on the proposed content of Part III of the JMLSG Guidance. General proposed changes include extending the material on wire transfers and moving it from Part II and adding new material on compliance with the UK financial sanctions regime. Changes to specialist sectors cover:
- Transparency in electronic payments.
- Equivalent jurisdictions.
- Equivalent markets.
- Compliance with the UK financial sanctions regime.
- Directions under the Counter-Terrorism Act 2008.
- Proliferation financing.
The deadline for comments on the proposed changes is 9 July 2010.
ViewJMLSG publishes proposed Part III to JMLSG Guidance, 7 May 2010